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Sponsors
Senator · Senate District 57
No co-sponsors yet.
History
- Substituted by A10048
- Ordered to third reading cal.1514
- Committee discharged and committed to rules
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Extends provisions relating to the powers of the state of New York mortgage agency
Signed by Governor · Sponsor Hakeem Jeffries
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6898
Title of bill
An act to amend chapter 246 of the laws of 2010 amending the public authorities law relating to the powers of the state of New York mortgage agency, in relation to extending the provisions thereof
Purpose of the bill
This bill would for two years the State of New York Mortgage Agency Mortgage Insurance Fund's ("MIF") authority to insure the full principal amount of certain preservation loans (originated between January 1, 2004 and December 31, 2008) thereby enabling the MIF to provide needed support for the refinancing of certain multi-family affordable housing accommodations which became over leveraged during the current housing crisis.
Summary of provisions
Section 1 of the bill would amend Chapter 246 of the Laws of 2010 to extend until June 30, 2014, MIF's authority to provide one hundred percent mortgage insurance on certain loans that (originated between January 1, 2004 and December 31, 2008) extended for the sole purpose of refinancing existing indebtedness which relate to over leveraged multi- family residential buildings.
Section 2 of the bill provides for an immediate effective date.
Existing law
MIF has the authority sought in this bill only through June 30, 2012.
Prior legislative history
This authority was originally granted for two years in Chapter 246 of the Laws of 2010.
Statement in support
This bill would extend for two years MIF's authority to provide one hundred percent mortgage insurance on certain loans (originated between January 1, 2004 and December 31, 2008) extended for the sale purpose of refinancing existing indebtedness relating to over-leveraged multi-fami- ly residential buildings.
Budget implications
None.
Effective date
This bill takes effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.